Steel Authority of India Limited has informed the Exchange about Investor Presentation
STEEL AUTHORITY OF INDIA LIMITED
RESULTS
PRESENTATION
FOR
Q2 and H1 FY’26
SNAPSHOT H1 FY’26
Mining
Iron Ore: 16.840 MT
Limestone: 0.442 MT
Dolomite: 0.286 MT
Hot Metal: 10.031 MT
Crude Steel: 9.503 MT
Saleable Steel: 9.567 MT
Production
Domestic Sales: 9.280 MT
Sales & Marketing
Exports: 0.182 MT
Financials
Total Sales: 9.462 MT
Turnover: Rs. 52254 crore
Revenue From Operations: Rs. 52625 crore
Net Worth: Rs. 55973 crore
EBITDA: Rs. 5754 crore
Profitability
PBT: Rs. 1443 crore
Ratios
PAT: Rs. 1112 crore
EPS: 2.69
EBITDA Margin: 11.01%
Debt Equity (IndAS): 0.60
Debt (IndAS): Rs. 33663 crore
Funds
DSCR: 3.48
Interest Coverage Ratio: 2.25
STEEL AUTHORITY OF INDIA LIMITED
Global Economic & Steel Scenario
WORLD ECONOMIC SCENARIO
Growth Rates ( in %)
World
Advanced Economies
Emerging & Developing Economies
6.6
6.0
5.2
4.1
3.5
2.6
4.4
4.3
4.2
4.0
3.3
3.3
3.2
3.1
1.7
1.8
1.6
1.6
-2.0
-3.1
-4.5
Recovery Post 1st Phase of COVID19
Fighting Inflation, Slowdown in Advanced Economies and Russia-Ukraine War, recovery has been gradual thereafter.
Projection remain lower than 2024 performance though improvement in projections is there over earlier projections.
2020 (E)
2021 (E)
2022 (E)
2023 (E)
2024 (E)
2025 (P)
2026 (P)
IMF, in the World Economic Outlook released during Oct’25, has increased the growth projections for 2025 over the projections released during Apr’25. The overall estimates for global economy in 2026 have also been improved since Apr’25 projection though showing marginally reduction over 2025 with the Emerging & Developing Economies projected to continue outperforming the Advanced Economies. The major reason have ben steady inflation in the USA as well as lowering of the tariffs from the April highs. The risks to the outlook remain titled to downside with policy uncertainty, protectionist measures, supply chains disruptions, etc. could potentially damage consumption and investment.
E= Estimates P= Projections
SOURCE: IMF
WORLD STEEL SCENARIO
Crude Steel Production (MT)
World
China
RoW
1883
1963
1889
1904
1886
1065
819
1035
927
1018
871
1029
875
1005
881
1394
1374
769
626
746
628
2020
2021
2022
2023
2024
2024 (9M)
2025 (9M)
Steel continued its march post 1st wave of covid with revival of economic activities and infra-spendings globally. However, CY’22 registered decline over respective previous years due to factors like inflation, tightening monetary policies, slowdown in advanced economies, Russia- Ukraine War, etc. After a marginal increase of ~0.8% in CY’23. the production continues to decline consistently. Production has declined by ~0.9% during CY’24 and Jan-Sept CY’25 is further lower by 1.6% over CPLY.
• Despite reduction in its own production, China continues to dominate the global production numbers. In fact, the share of China in the global production at has been consistently contributing more than 50% of the global production. The production by China stood at ~53.4% of global production during CY’24 and ~55.3% during Q1 of CY’25 production dominate the world crude steel production contributing almost 53.4% of overall global production during CY’24. The production in China during CY’24 has, however, been at lower by 2.3% over CPLY.
• Among the major producers, India (6.3%), Germany (5.2%), Turkey (9.4%) and Brazil (5.3%) have registered positive growth in production during CY’24 over CPLY. On the other hand, countries like Japan (3.4%), US (2.4%), Russia (7.0%) and South Korea (4.7%) have registered negative growth in production during CY’24 over CPLY.
• During Q1 CY’25, only India (6.8%) and Brazil (2.8%) have registered significant positive growth amongst major producers.
China has shown a marginal growth of 0.6% over CPLY.
SOURCE: World Steel Association (WSA)
WORLD STEEL SCENARIO
Apparent Steel Consumption (MT)
1788
1839
1783
1767
1751
1772
2020
2021
2022
2023
2024(F)
2025(F)
WSA in its Short Range Outlook for Oct’24 has projected a positive growth in demand during 2025.
Short Range Outlook, Oct’24:
• Global steel demand is expected to decrease by 0.9% in 2024 (lower than 1.7% projected in Apr’24) and increase by
1.2% in 2025.
• Demand growth in China is expected to decline by 3% (lower than stagnant projected in Apr’24) in 2024 and by 1%
in 2025.
• Global demand excluding China is expected to grow 1.2% in 2024 (lower than 3.5% projected in Apr’24) and 3.3% in
2025 (lower than 3.5% projected in Apr’24).
• Amongst the major steel consuming nations, demand growth in 2024 is projected to be highest in India (8.0%) followed by Brazil (5.0%). During 2025 as well, demand growth in India (8.5%) is projected to be highest followed Germany (5.7%).
SOURCE: World Steel Association (WSA)
INTERNATIONAL PRICE TRENDS
220
200
180
160
140
120
100
560
540
520
500
480
460
440
420
400
Coal FOB Australia (USD/t)
HCC
PCI
Hot Rolled (USD/t)
FOB Black Sea
FOB China
CFR Europe
115
110
105
100
95
90
85
80
640
620
600
580
560
540
520
500
Iron Ore CFR China (USD/t)
Lumps
Fines Australia Origin
Fines Brazil Origin
Cold Rolled (USD/t)
FOB Black Sea
FOB China
SOURCE: Big Mint
STEEL AUTHORITY OF INDIA LIMITED
Domestic Economic & Steel Scenario
INDIAN ECONOMIC SCENARIO
GDP Growth % at Constant (2011-12) Prices
SOURCE: MOSPI, GOI
9.7
9.2
7.6
6.5
Quarterly GDP
9.7
9.3
9.5
8.4
6.5
5.6
6.4
7.4
7.8
2020-21
2021-22
2022-23
2023-24 (FRE^) 2024-25 (SAE*)
-5.8
*FRE: First Revised Estimates ^SAE: Second Advance Estimates
Q1 FY24
Q2 FY24
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
COVID19 Pandemic saw the GDP of Indian economy slide into negative during FY’21 at -5.8%. The post COVID recovery was subsequently impacted by factors like inflation. Second Advance Estimates for the FY’25 stand at 6.5% which is substantially lower than earlier projections. Despite projections for future years lying in the range of 6.2% - 6.7%, India is likely to remain amongst the fastest growing major economies. The projections from major financial agencies are as follows:
Source
Growth Projection
Remarks
WORLD BANK (Jun’25)
6.3% (FY26) & 6.5% (FY27)
The projections for FY26 are retained at 6.3%. There has been marginal reduction in projections for FY27 which now stands at 6.5%.
IMF (Oct’25)
6.6% (CY25) & 6.2% (CY26)
The estimate for CY25 have been revised upwards to 6.6% in line with global projections while it for CY26 have been revised marginally downwards to 6.2%.
RBI (Oct’25)
6.8% (FY26)
The projections have been revised upwards to 6.8% for FY26. The quarterly projections stand as 7.0%, 6.5% and 6.2% for Q2, Q3 and Q4 respectively. For Q1 FY27, the projections stand at 6.4%.
INDIAN ECONOMIC SCENARIO
250.0
200.0
150.0
100.0
50.0
0.0
IIP Growth % at Constant (2011-12) Prices
SOURCE: MOSPI, GOI
Primary Goods
Intermediate Goods
Consumer Durables
Capital Goods
Infrastructure Goods
Consumer Non-Durables
0 2 ' r p A
'
0 2 n u J
'
0 2 g u A
0 2 ' t c O
0 2 ' c e D
'
1 2 b e F
1 2 ' r p A
'
1 2 n u J
'
1 2 g u A
1 2 ' t c O
1 2 ' c e D
'
2 2 b e F
2 2 ' r p A
'
2 2 n u J
'
2 2 g u A
2 2 ' t c O
2 2 ' c e D
'
3 2 b e F
3 2 ' r p A
'
3 2 n u J
'
3 2 g u A
3 2 ' t c O
3 2 ' c e D
'
4 2 b e F
4 2 ' r p A
'
4 2 n u J
'
4 2 g u A
4 2 ' t c O
4 2 ' c e D
'
5 2 b e F
5 2 ' r p A
'
5 2 n u J
The manufacturing activities had fallen to historic lows during lockdown due to COVID19 during Q1 FY’21. However, as economy recovered sharply on the back of financial stimulus by the Government and demand rising sharply across sectors post lockdown, the IIP also saw a steep climb. Thereafter, during Q1 FY’22 owing to second wave of COVID19, there was a marginal dip before the index started to rise again. During FY’25, the IIP has registered improvement in all use-based areas over CPLY except consumer non-durables with an almost similar trend in Apr-Jul FY’26 over CPLY.
INDIAN STEEL SCENARIO
Crude Steel Production (mtpa)
109.1
103.5
120.0
127.2
144.3
152.0
82.1
FY'20
FY'21
FY'22
FY'23
FY'24
FY'25
FY'26 (H1)
Q2 FY'25 Q1 FY'26 Q2 FY'26
36.2
40.6
41.5
Finished Steel Consumption (mtpa)
100.2
94.9
105.8
152.0
136.3
119.9
78.9
37.2
38.3
40.5
FY'20
FY'21
FY'22
FY'23
FY'24
FY'25
FY'26 (H1)
Q2 FY'25 Q1 FY'26 Q2 FY'26
The Short Range Outlook published by WorldSteel Association during Oct’24, projected steel demand in India to increase by 8.5% in CY2025.
Source: JPC
DOMESTIC PRICE TREND
Fines/Lumps/Pellets
Lumps 63% Fe, Odisha Index Fines 63% Fe, Odisha Index Pellets 63% Fe, Exw-Raipur
Flats
HRC Ex-Delhi
CRC Ex-Delhi
s d n a s u o h T
12
10
8
6
4
2
0
s d n a s u o h T
65
60
55
50
45
s d n a s u o h T
s d n a s u o h T
50 48 46 44 42 40 38 36 34 32 30
65
60
55
50
45
Semis/Ingot
All figures in Rs. thousand/tonne
Billets Ex-Raipur
Ingot DAP-Mandi
Longs
Wire Rod Ex-Jharkhand
Rebar Ex-Delhi
SOURCE: Big Mint
STEEL AUTHORITY OF INDIA LIMITED
Operational Performance
PRODUCTION PERFORMANCE
All figures In Million Tonne
17.4
18.3
19.2
19.2
16.2
15.2
CRUDE STEEL PRODUCTION
9.5
4.8
4.9
4.6
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25
FY 26 (H1)
Q2 FY25
Q1 FY26
Q2 FY26
Annual
Quarterly
16.9
17.2
18.4
17.9
15.1
14.6
SALEABLE STEEL PRODUCTION
9.6
4.6
4.7
4.9
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25
FY 26 (H1)
Q2 FY25 Q1 FY26 Q2 FY26
PRODUCTION PERFORMANCE : FY’25
PRODUCT MIX : 5 ISPs
SAIL
49.3%
15.1%
35.7%
BSP
DSP
RSP
BSL
ISP
21.4%
64.7%
13.8%
55.7%
44.3%
100.0%
Flats
Longs
Semis
88.9%
11.1%
75.7%
24.3%
PRODUCTION PERFORMANCE : FY’25
CRUDE STEEL PRODUCTION BY PROCESS
1.5%
98.5%
0.8%
Ingot Route
CC Route
BOF
EAF
99.2%
SALEABLE STEEL PRODUCTION BY PROCESS
57.0%
43.0%
Commodity
Value Added
TECHNO-ECONOMIC PARAMETERS
457
Coke Rate: kg/thm 448
445
444
CDI Rate: kg/thm
440
97
106
113
114
421
418
76
78
85
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 FY
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 FY
26
26
Specific Energy Consumption: GCal/tcs
BF Productivity: T/m3/Day
6.47
6.48
6.36
6.35
6.30
6.26
6.18
1.80
1.81
1.79
1.84
1.88
2.02
2.08
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 FY
26
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 FY
26
SALES PERFORMANCE
Annual
14.2
14.9
16.2
16.2
17.0
17.9
All figures In Million Tonne
Quarterly
9.5
4.1
4.6
4.9
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25
FY 26 (H1)
Q2 FY25
Q1 FY26
Q2 FY26
Sectoral Breakup
5 ISPs Sales - Product Mix
Plant Sales 2.2%
Exports 1.8%
Special Steels 1.7%
Galvanized Products 1%
Others 0%
Semis 8.5%
Structurals 9%
CR Coils/Sheets 6%
Bars & Rods 22%
CMO Home Sales 94.2%
Retail 7.2%
Non Retail 87.0%
HR Plates/ Coils/Sheets 29%
Rly Products 8%
PM Plates 16%
PET Products 1%
STEEL AUTHORITY OF INDIA LIMITED
Financial Performance
FINANCIAL PERFORMANCE
Rs. Crore (INDAS Compliant figures)
H1 FY 25
H1 FY 26
Q2 FY 25 Q1 FY 26 Q2 FY 26
Sales Turnover
48262
52254
24498
25731
26524
Total Income
EBITDA
Depreciation
Finance Cost
PBT Before Exceptional Items
Exceptional Items
PBT After Exceptional Items
Tax
Profit After Tax
49142
53089
24944
26082
27007
5593
5754
3174
2925
2829
2706
1449
1439
312
1127
283
844
2894
1079
1781
338
1443
330
1112
1304
1441
1453
758
1113
0
1113
279
834
691
890
0
890
204
685
484
891
338
553
126
427
FINANCIAL PERFORMANCE
Profitability Trend (Rs. crore)
22364
EBITDA
PBT
PAT
13740
11184
6879
3850
3171
2022
16039
12015
9379
12280
11764
2637
1903
3688
2733
3009
2148
5754
1443
1112
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25
FY 26 (H1)
EBITDA Margin (%)
21.8
20.1
18.4
EBITDA/ton (Rs.)
13846
11.7
11.6
9.0
11.0
9199
7869
7213
6574
6081
5791
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25
FY 26 (H1)
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25
FY 26 (H1)
FINANCIAL PERFORMANCE
Profitability Trend (Rs. crore)
5593
EBITDA
PBT
PAT
5754
1127
844
1443
1112
FY 25 (H1)
FY 26 (H1)
EBITDA Movement (Rs. crore)
1279
475
2313
1369
1462
125
5593
5754
EBITDA H1 FY 25
Volume/Mix
Raw Material Usage
Input Price/Cost
Sales Price/NSR
Rail Price Adjustment
Others
EBITDA H1 FY 26
FINANCIAL PERFORMANCE
Quarterly Performance (Rs. crore)
3174
2925
2829
EBITDA PBT PAT
1113
834
890
685
553
427
Q2 FY 25
Q1 FY 26
Q2 FY 26
2995
EBITDA Quarterly Movement (Rs. crore)
226
199
266
286
1441
162
792
159
458
1621
106
2925
2829
3174
2829
FINANCIAL PERFORMANCE
Borrowings (Non Ind AS)
Net Worth
30593
29811
28741
25662
26427
43495
52017
52139
54131
55656
56224
55973
35350
13386
Mar'21 Mar'22 Mar'23 Mar'24 Mar'25
Jun'25
Sept'25
Mar'21 Mar'22 Mar'23 Mar'24 Mar'25
Jun'25
Sept'25
Quarterly Interest
758
691
642
679
664
Debt-equity (times) (Non Ind AS)
0.81
0.57
0.54
0.51
0.49
0.47
595
484
0.26
Mar'24
Jun'24
Sept'24
Dec'24
Mar'25
Jun'25
Sept'25
Mar'21
Mar'22
Mar'23
Mar'24
Mar'25
Jun'25
Sept'25
Borrowings, Interest and Net Worth in Rs. crore
STEEL AUTHORITY OF INDIA LIMITED
Sustainable Operations
SUSTENANCE PARAMETERS
PM Emission Load: kg/tcs
Specific CO2 Emission: T/tcs
0.59
0.57
0.58
0.58
2.62
0.56
2.51
2.50
2.55
2.54
FY 22
FY 23
FY 24
FY 25 H1 FY26
FY 22
FY 23
FY 24
FY 25 H1 FY26
Solid Waste Utilisation (%)
Specific Water Consumption: m3/tcs
114
107
3.12
3.06
102
103
95
3.02
3.00
2.90
FY 22
FY 23
FY 24
FY 25
H1 FY26
FY 22
FY 23
FY 24
FY 25 H1 FY26
TOUCHING LIVES….
Key Activites
Basic and specialised healthcare to more than a million lives annually.
26%
Drinking Water facility to more than 50 lakh people.
3%
7%
2%
9%
11%
Total CSR spends since FY’15: ~Rs. 741 crore
7%
2%
8%
25%
Education Health care Livelihood Generation Women Empowerment Drinking Water & Sanitation Sports, Art & Culture Rural Development Social Security Environment Sustainability Others
More than 80 lakh people connected to mainstream by construction of roads
Quality education to almost 50000 students across more than 96 schools.
Special Schools providing support to needy students.
Mid-day meals to more than 60000 students through Akshay Patra Foundation.
Providing equipment like tricycle, motorized vehicles, callipers, hearing aids, artificial limbs, etc. to Divyangs
Running Eklavya Archery Academy and other sports academies for Hockey, Football, Athletics, etc. Athletes from SAIL academies have won medals at National and International Level.
Integrated Development Centre (IDC) at Digha Village in Saranda Forest with facilities like Bank, Telecom Office, Panchayat Office, Ration Shop, etc.
Development of 79 ‘Model Steel Villages’.
STEEL AUTHORITY OF INDIA LIMITED
Human Resource
MANPOWER
LABOUR PRODUCTIVITY (tcs/man/year)
ANNUAL
615
629
579
521
QUARTERLY
607
643
620
461
400
396
FY20
FY21
FY22
FY23
FY24
FY25 FY26 H1
Q2 FY 25 Q1 FY 26 Q2 FY 26
MANPOWER
Particulars
01.04.2025
01.07.2025
01.10.2025
Manpower on date
53159
52142
51351
Reduction during the quarter
1017
Reduction during the year
791
1808
Abbreviations used
• • • • • • • • • • •
• •
•
• • • •
BF SMS BOF THF EAF BSP DSP RSP BSL SSP VISL
ASP CPLY
G.Cal/tcs
ISP HDGL CR HR
Blast Furnace Steel Melting Shop Basic Oxygen Furnace Twin Hearth Furnace Electric Arc Furnace Bhilai Steel Plant Durgapur Steel Plant Rourkela Steel Plant Bokaro Steel Limited Salem Steel Plant Visvesvaraya Iron & Steel Plant Alloy Steels Plant Corresponding Period Last Year Giga Calories per tonne of Crude Steel Integrated Steel Plant Hot Dip Galvanizing Line Cold Rolled Hot Rolled
• • •
• • • •
• • •
• • • • • •
FOB JPC Kg/thm
Tpd MT Mtpa EBITDA
PAT PBT RINL
CS CDI CC BOO GoI MOEF
Freight On Board Joint Plant Committee Kilo Gram Per Tonne of Hot Metal Tonnes Per Day Million Tonne Million Tonne Per Annum Earnings Before Interest, Taxes, Depreciation & Amortization. Profit After Tax Profit Before Tax Rashtriya Ispat Nigam Limited Crude Steel Coal Dust Injection Continuous Casting Build-Own-Operate Government of India Ministry of Environment & Forests
Disclaimer
Statements / Data which do not relate to SAIL and are used / made in this
presentation are from sources which are considered reliable and
Company cannot be held for its authenticity.
Further, statements describing the Company’s projections, estimates,
expectations are “forward looking statements” within the meaning of
applicable securities laws and regulations. Actual results may differ
materially from those expressed depending on the circumstances /
situations.
Major factors that could affect the Company’s operations include, among
others, economic conditions affecting demand / supply and prices in the
domestic and global markets in which the Company operates, changes in
Government regulations, tax laws and other statutes, etc.